In the latest Risk in Focus report for 2021, released by the Chartered Institute of Internal Auditors, a staggering 79% of Chief Audit Executives ranked cyber security and data security in their top five risks facing businesses this year, and 27% signalled it as their number one risk. There was a steep rise in cyber attacks during the height of the coronavirus pandemic.
The financial sector has been among those hit the hardest, with a huge 238% surge of attacks and breaches from February to April 2020 alone. Housing the most sensitive of data, accounting and advisory firms especially are frequent victims of cybercrime, but what are the most common methods of attack and how can the industry best fortify itself? With the Risk in Focus report predicting that cyber security and data security will still be the biggest risk for businesses in three years’ time, the industry must act now to become more resilient in the face of cybercrime as it becomes ever more sophisticated